Foot Locker Reports Stellar Q2 Earnings

footNew York—Foot Locker Inc. reported Friday some stellar second quarter earnings: $92 million in net income soaring past analysts’ estimates.

On a per share basis, the athletic retailer had net income of 63 cents. Adjusted for asset impairment costs, they came to 64 cents a share, surpassing analysts’ estimate for 54 cents a share.

Net revenue rose 13% to $1.64 billion, beating analysts’ consensus for $1.57 billion. Comparable store sales rose 7% again ahead of the 5.4% growth analysts predicted.

Foot Locker is overcoming a broader retail slump by revamping store layouts and merchandising, while closing weaker locations. CEO Ken Hicks also has noted that more running shoes, the best-performing part of the athletic-footwear market, were added.

The results have helped Foot Locker on Wall Street too. Its shares have risen 27% since the beginning of the year. The stock has increased 54% in the last 12 months.

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Jeff Prine

Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology. jeffp@busjour.com